June 28, 2024 –In a major development today, Faraday Future (FF) unveiled that it has received notification from Nasdaq, confirming the Hearings Panel’s approval for the company’s continued listing on the prestigious stock exchange. However, this approval is contingent upon FF adhering to strict compliance milestones, setting the stage for a crucial period of financial reporting and market performance.
According to the notification, Faraday Future must submit its regular financial reports by July 31, 2024, and attain a minimum bid price requirement of no less than $1 per share by August 31, 2024. These conditions underscore the urgency for FF to maintain transparency and financial stability in the coming months.
The electric vehicle pioneer has affirmed its commitment to swiftly fulfilling these requirements, pledging to deliver its first-quarter 10-Q financial statements by the end of July at the latest. Additionally, the company intends to promptly file its second-quarter 10-Q, showcasing its dedication to maintaining timely and comprehensive financial disclosures.
In a strategic move aimed at bolstering its share price and meeting Nasdaq’s minimum bid price threshold, Faraday Future’s board of directors previously approved a reverse stock split plan for its common shares. This plan involves consolidating the outstanding and authorized shares within a range of 1:2 to 1:40, with the ultimate goal of elevating the post-split share price to at least $5 per share.
The reverse stock split is part of a broader effort by FF to regain compliance and stabilize its position on Nasdaq, following a series of challenges that included falling below Nasdaq’s listing standards. By implementing this measure, the company hopes to attract investor confidence and drive up its market valuation.
As Faraday Future navigates these critical milestones, it remains focused on executing its strategic plan and delivering on its vision for the future of mobility. The company’s commitment to timely financial reporting and enhancing shareholder value underscores its determination to secure a sustainable future on Nasdaq and beyond.
